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Mail Group buys property site

It's a Primelocation.com

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The owner of the Daily Mail newspaper group is splashing out £48m to acquire property website primelocation.com

Daily Mail and General Trust (DMGT) said its decision to take-over Fastcrop (which owns primelocation.com) is part of the publisher's plans to cash in from growing sales in online advertising.

Primelocation.com is an online shop window for people looking to buy, sell, rent or let properties in the UK and attracts more than 850,000 visitors a month.

Last year it generated sales of £4.7m and a pre-tax profit of £500,000.

"The acquisition continues our strategy of making investments to increase our exposure to key areas of the online advertising market," Andrew Hart of DMGT in a statement today.

"Primelocation is a prize asset for us, complementing our other established businesses," he said. ®

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